Issue 201
July 19 - 25, 2004
Volume 4
page 2
 

Group pushing for Georgetown casino
As reported by The News Journal

Developers of a proposed casino in Georgetown say the new law allowing slot machines in Pennsylvania has boosted their hopes for a Sussex County venture.

"Delaware is going to lose $35 million or more in revenues to Pennsylvania," said Constantine F. Malmberg, III, a Dover attorney and partner in Sussex Entertainment Enterprises LLC. "Our casino would generate between $35 million and $45 million for the state's general fund, offsetting what the state will lose."

The Pennsylvania legislation allows for 61,000 slot machines at 14 locations, making the state a major player in the nation's slots industry.

Malmberg said he plans to write a bill that would change state law to allow slots in Georgetown and hopes to have a sponsor once the General Assembly reconvenes in January.

Delaware law only allows slot machines, referred to as video lottery terminals, at Dover Downs, Harrington Raceway and Delaware Park. There are no slots in Sussex County.

Malmberg said Georgetown is an excellent locale for gambling and horse racing because it could draw tourists from the Delaware beaches and the lower Eastern Shore of Maryland.

The plan calls for a 150-room hotel and casino on 75 acres near Delaware Technical & Community College's Owens Campus. The site is near U.S. 113 and Del. 404.

 

 

 

 


Harrah's To Buy Caesars
As reported by The New York Post

Harrah's Entertainment, the world's second-largest casino company, has reportedly agreed to buy No. 1 Caesars Entertainment. Harrah's would pay $5.28 billion for Caesars, and assume $3.97 billion in debt, the The Wall Street Journal reported on its Web site, citing people close the the companies.

Shares of Caesars Entertainment earlier rose 15 percent after the Journal reported that the acqusition was likely.

The purchase would give Harrah's an additional 28 casinos, creating the world's largest gambling company at a time when visits to Las Vegas are surging. It follows MGM Mirage's agreement last month to acquire Mandalay Resort Group for $4.8 billion in stock.

"Harrah's has indicated they have an interest in high-end properties," said John Miller, an analyst with Chicago-based Ariel Capital, which owns 25 million shares of Caesars. "After the MGM Mirage-Mandalay proposal, it seemed obvious there was one player left in having quality properties in Las Vegas and that was Caesars."

Gary Thompson, a spokesman for Harrah's, and Robert Stewart, Caesars' spokesman, didn't immediately return calls for comment.

Harrah's, based in Las Vegas, currently gets about 70 percent of its revenue from regional casino markets, such as Joliet, Ill., and Atlantic City, N.J. In Las Vegas, the company owns the Harrah's Las Vegas and Rio casinos. The combination would produce a company with $8.8 billion in revenue, 54 casinos including Caesars Palace and Paris Las Vegas and about 102,000 employees.


Aspinalls bringing 500 jobs to Swansea
As reported by The BBC News Online

An operator says around 500 new jobs are on their way to Swansea after signing a deal to open a new casino-based entertainment complex in the city. Aspinalls will move in to the new GBP £30 million Salubrious Place leisure development in the Wind Street area of Swansea.

Work on the 100,000 square feet complex is set to start in September with the aim of opening in 2006.

The company says prizes of up to GBP £1 million will be on offer on either the slot machines or gaming tables.

Director Damian Aspinall said the casino would be among the first in a series of new regional casinos operated by the company following the Government's review of licensing in the UK.

Phil Collins

MGM Grand: Phil Collins, successful British pop singer and inducted into the Songwriters Hall Of Fame in June 2003, performs at the MGM Grand.

Date: August 28, 2004

Price: from $78.75

Time: 8:00pm

 

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